KPMG Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided).

  • United States: The House Ways and Means Committee voted out of committee H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” bipartisan legislation that would address scheduled changes in business taxation under the "Tax Cuts and Jobs Act," among other provisions. Read TaxNewsFlash
  • United States: Notice 2024-20 provides a list of census tracts eligible for the alternative fuel vehicle refueling property credit under section 30C, as amended by the Inflation Reduction Act (IRA), and explains how to identify the 11-digit census tract identifier for the location where the property is placed in service. The notice states that the IRS intends to propose regulations including this information in the future, but taxpayers may rely on the notice until proposed regulations are published. Read TaxNewsFlash
  • Poland: The Ministry of Finance announced that the national e-invoicing system, which was to come into effect on a mandatory basis from 1 July 2024, will be implemented at a later date due to system errors that the Ministry identified. Read TaxNewsFlash

Additional reports

United States

  • Announcement 2024-4: Transitional guidance on reporting of information on receipt of digital assets
  • Final regulations: Guidance on minimum present value requirements for certain defined benefit plans
  • Notice 2024-20: Guidance on qualified alternative fuel vehicle refueling property credit under section 30C
  • KPMG report: Key takeaways from recent CAMT releases
  • KPMG report: Reporting and paying the stock repurchase excise tax—not quite yet
  • KPMG report: Updated accounting method change procedures and clarification of rules addressing capitalization of research and experimentation costs under section 174
  • KPMG reports: Connecticut (solar electricity property tax exemption); Pennsylvania (sourcing); Michigan (income tax nexus)

Read TaxNewsFlash-United States

  • Ways and Means Chairman Smith releases text and schedules markup of bipartisan tax legislation; JCT description and estimates
  • Senate Finance, House Ways and Means chairs release bipartisan framework for tax legislation

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Belgium: Lower house of Parliament adopts draft law implementing public country-by-country reporting
  • Bulgaria: Public country-by-country reporting implemented
  • Czech Republic: Legislation introducing top-up tax, implementing EU directive on global minimum tax, now effective
  • Czech Republic: Public country-by-country reporting implemented
  • EU: Challenge to EU global minimum tax directive dismissed (EU General Court judgment)
  • EU: Pillar Two global minimum tax implementation summary
  • Italy: New tax calendar, implications for transfer pricing documentation
  • Italy: Pillar Two global minimum tax rules implemented
  • UK: Updates on Pillar Two, including draft HMRC guidance on proposed rules

Read TaxNewsFlash-Transfer Pricing


  • Isle of Man: Updated FATCA and CRS guidance
  • Japan: Updated CRS FAQs on AEOI reporting system
  • Liechtenstein: Amendments to FATCA and CRS legislation
  • United States: Potential FATCA impacts of changes to Hungary and Chile treaty statuses

Read TaxNewsFlash-FATCA / IGA / CRS


  • Nigeria: Guidelines to simplify the compliance regime for goods sold through digital means postponed indefinitely
  • South Africa: Estimated assessments for VAT

Read TaxNewsFlash-Africa


  • Guyana: Tax-related measures proposed in 2024 budget
  • Mexico: List of 201 registered foreign providers of digital services (as of 31 December 2023)

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Consultation on amendments to petroleum resource rent tax (PRRT) rules
  • Australia: Updated draft tax ruling on royalties, software
  • India: Reassessment proceedings inapplicable to capital account transaction (High Court decision)
  • Malaysia: Proposed increase in service tax rate and expansion of taxable services effective 1 March 2024
  • Thailand: Tax calendar for 2024
  • UAE: Corporate tax guide on tax groups
  • UAE: Corporate tax guide on taxation of extractive businesses and non-extractive natural resources businesses

Read TaxNewsFlash-Asia Pacific


  • Belgium: Anti-abuse rule applied to deny withholding tax exemption under EU Parent-Subsidiary Directive (Supreme Court decision)
  • Bulgaria: Amendments to individual income tax and social security contributions effective 1 January 2024
  • Czech Republic: Changes in VAT from 2024; amendment to Real Estate Tax Act
  • Czech Republic: Treaty must be interpreted based primarily on general interpretation rules (Supreme Administrative Court decision)
  • Denmark: Proposed updates to list of jurisdictions subject to defensive tax measures
  • EU: Challenge to EU global minimum tax directive dismissed (EU General Court judgment)
  • EU: Priorities of Belgian Presidency of EU Council
  • Germany: Interest deduction limitation rules aligned with ATAD
  • Italy: Legislation implementing international tax reform published
  • Italy: New tax calendar, implications for transfer pricing documentation
  • Italy: Procedure for obtaining hybrid mismatch penalty protection
  • Malta: Updates to pension tax exemption and rebate rules
  • Poland: Bill on cryptoassets; Minister of Finance activities for 2024
  • Poland: Mandatory e-invoicing system postponed
  • Poland: Taxation of benefits provided to workers in another EU member state; deductibility of debt financing costs (Supreme Administrative Court decisions)
  • Portugal: “Windfall profits tax” on banks incompatible with EU law (CJEU judgment)
  • Spain: Amendments to special inbound expatriate regime
  • Spain: Changes to tax regime for non-profit entities and tax incentives for patronage
  • UK: Carbon border adjustment mechanism (CBAM) announced for 2027
  • UK: New investment exemption from the electricity generator levy
  • UK: Tax measures in Scottish and Welsh 2024/2025 budgets

Read TaxNewsFlash-Europe

Trade & Customs

  • U.S. BIS removes three persons from “unverified list”
  • U.S. conforming amendment to previously reinstated exclusion, China Section 301 investigation
  • U.S. OFAC sanctions shipping company for price cap violation
  • U.S. guidance concerning Russia-related executive order
  • Gulf Cooperation Council (GCC) and Korea sign free trade agreement

Read TradeNewsFlash-Trade & Customs

The items described above are also reported as editions of TaxNewsFlash:



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